Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
Business
Geostrategy
After Israel, Lebanon eyes Cyprus maritime border deal
Cyprus, which has aspirations of becoming a major energy player in the eastern Mediterranean, has a key exclusive economic zone,...
- In 2007, Lebanon and Cyprus signed an agreement to delineate their respective exclusive economic zones
- Neighbours Israel and Lebanon signed on Thursday a US-brokered agreement removing hurdles for natural gas production
Business
ExxonMobil Q3 net surges to US$19.7bn
Hike in profit was due to high oil, natural gas prices.
- The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling.
- The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.
Business
OMV Q3 net profit at $3.28bn amid high energy prices
Revenue doubled year-on-year to US$17.1 billion.
- OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
- Following European sanctions on Moscow, OMV froze its investments in Russia.
Geostrategy
China’s President Xi expected to visit Saudi Arabia: Saudi FM
Prince Faisal bin Farhan hailed the "historical and solid relationship" between the major oil exporter and Beijing after talks with...
- The potential visit comes at a time of strained ties between Saudi Arabia and long-standing ally the United States
- Xi visited Saudi Arabia in January 2016, the year before Prince Mohammed was named as heir to the throne, ushering in a period of reform
Market Report
Markets mixed as investors digest ECB hike, US data
Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of...
- The euro lost against the greenback on Thursday, after having traded above one dollar for the first time since last month on Wednesday.
- After fluctuating for much of the day, Eurozone stocks were flat by late afternoon trading.
Geostrategy
UAE President, Austrian Chancellor discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
- Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
- The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.
Science
‘Carbon neutrality goals are useless if not backed by action’
UNITED NATIONS, UNITED STATES - Carbon neutrality goals are useless if not backed by action, UN Secretary-General Antonio Guterres said...
- Commitments to net zero are worth zero without the plans, policies and actions to back it up, the UN chief said in a video message
- The message's target audience was governments, in particular G20 countries, as well as private actors and financial institutions.
Business
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.
- Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
- The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Geostrategy
Climate pledges short of limiting temperature rise to 1.5C: UN Official
Paris, France - International climate pledges remain far off track to limit rising temperatures to 1.5 degrees Celsius, according to a...
- The combined climate pledges of more than 190 nations that signed up to the 2015 Paris climate deal put Earth on track to warm by around 2.5C.
- With the planet already battered by climate-enhanced heatwaves, storms and floods after just 1.2C of warming, experts say world is still failing to act.
Geostrategy
Gas production starts at Karish field day before expected Israel-Lebanon deal
Jerusalem---Gas production has started at Karish, an offshore field at the centre of a maritime border deal between Israel and...
- The announcement comes a day before Lebanon and Israel are expected to sign their maritime deal, following lengthy negotiations mediated by Washington.
- Energy assets were fiercely contested in the talks, with Israel ultimately securing full rights over Karish as part of the accord.
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business
Company News
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ExxonMobil Q2 profits $7.9bn
Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
Business
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors...
Business
‘Saudi Arabia committed to peaceful nuclear energy’
"The Kingdom underscores the need for collective international efforts to enforce the provisions of the Non-Proliferation Treaty and ensure its...
Economy
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Business
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...
- A consortium comprising Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility.
- ADNOC and TAQA own a joint 51 percent majority stake (25.5 percent each), the Consortium owning the remaining 49 percent stake in the project company.
Geostrategy
Iran criticizes US statement on islands dispute with UAE
Iran said it had called in the Swiss envoy to deliver a protest over a “provocative” US statement on its...
- The islands of Abu Musa and Greater and Lesser Tunb lie near the Strait of Hormuz.
- Iran gained control of the islands under the rule of the Western-backed shah in 1971.
China to control half the world’s hydrogen electrolyser capacity
China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent...
- China's installed electrolyzer capacity has jumped in recent years and is expected to reach 1.2 gigawatts after having accounted for just 10 percent of the global capacity in 2020
- Electrolyzers are devices used for the industrial separation of hydrogen and oxygen within water molecules, using electricity obtained through renewable energy sources